Bank of America credit card

[kitkat]

I have a decent amount but I never use it at all til recently, I'm in need of money and I don't know how credit card works. For example: if I transfer about $100-200 from credit to checking account so how much do I pay for the monthly payment? I tried to find an information over BofA FAQ but it's not helpful at all. D:

I may look stupid but still, I always use my check card to limit my spending spree. ^^;

 

[julalalex]

It depends on what the interest of the card is. Certain credit cards let you pay a 15 dollar minimum a month but like 5 bucks go towards interest and 10 bucks goes towards the actual payment of the card. If you don't pay that monthly minimum on time of course you get a late charge and all that other good stuff. I'm not sure what your minimum monthly payment will be though. 15 is just an example

 

[kitkat]

Right now, I have 0.0% interest til this April but too bad, I don't even know my minimum monthly since I never use it. I even asked my roommate and she doesn't use it either, lol. I'm curious... what's the average range for minimum monthly? $25-30 per month?

 

[julalalex]

I think the average is 15 dollars lol. That's all I've ever seen actually :loool: I have 3 Credit Cards That I never use. One I maxed out and then paid it off just so there would be something on my credit lol, but for 2 I had 15 dollars as a minimum payment and the other one I had 10 because it was 0 interest. The other 2 I think I pay 5 dollars in interest every month since there is a 0 balance on the account because of non-use. So it depends really.

 

[kitkat]

It sounds fairly amount for minimum monthly so maybe I should give it a try once. 'cause my roommate kept telling me that I should use it once in a while and it'd make my credit looks good in the future. Why do I sound like I'm scared to use it although, I always pay it back on time. n.n;

Thanks for your help!! =)

 

[Thookatha]

first of all, bank of america is a bad credit card to get. since they are the top bank they also charge you like crazy after your apr is up. if you are going to transfer money, make sure to pay it off before april (that is when your free apr ends). once the free apr is over, the percentage will vary from person to person. like, if you have another promotional apr besides the 0.0%, then it will be lower. however if you do not have another promotion, it usually goes to the standard rate of 24-28% of what you owe. that's A LOT. but hey, it's bank of america. they know they are big so they do whatever they want. i mean, other banks are like that too, but bank of america is a little more heartless and strict. for example, if you end up having fees after the first time courtesy waive, you probably won't be able to get those fees reversed...even if it is not your fault. they only reverse like one time...the first time. after that, good luck.

also, for every time you transfer money, they charge a transaction fee on top of the apr fee. i think it's like $10.00...maybe more.

in terms of monthly payments, that will depend on how much you owe in your transfer. if it's just 100-200 dollars, your payment will only be like around $10-15. but, i must warn you. that is another trick. they purposely put it that low because they want the money you owe to sit until your apr promotion is over. after the promo is over, you will be charged so much. so basically what i'm trying to say is look at the long run rather than the short run. thinking only about the monthly will not save you from later troubles.

i hope this helps. talking from experience. i have a debt right now. they hooked me in and i'm still trying to clear my troubles. i just wanted to let you know in advance.

 

[kitkat]

Wow~ I guess I shouldn't use it since it's impossible to pay it off before April. Thanks for your experience, it's really helpful. I can see why my parents didn't use their credit cards anymore when I didn't understand the reason at that time. =)

I now fully understood how credit card works. n.n"

 

[Liberty]

When they send you a monthly statement it'll say what the min. payment is.
If you don't wanna wait you can just call them, there's always a number on the back of the card.

I agree, Bank of America is probably one of the worst credit card you can get. They hook you with the 0% interest rate for a certain amount of time but if you don't pay it off by the end of that the interest rate is a pain in the ass. I had to deal with them but thankfully my dad closed that account down and transfered his balance to another card with a very low interest rate. If he hadn't done that it would take forever just to have off $3,000.

 

[noungning]

credit cards aren't that scary if you know how to manage them.

sad to say but i have many. had one since 15, and still have many many more lol...

the worst credit card u can ever have are retail cards, they charge you an arm and leg for interest regardless. so if u have those, pay them off right away... if not possible split it into 2 months and pay it off or 3 even. but you shouldn't leave a balance being paid minimum... because u'll realize that u've been paying that minimum for 6 months already and the $300 u owe looks like it didn't go anywhere. (oh! there's an exception, some retail cards like home depot, best buy---they have their promotional 0% apr at times)

very important!!! if you have a 0% on these retail cards, make sure u pay off the WHOLE amount before it's over. or u will be in for a HUGE surprise since all those interest fees been deferred, or held back until time of promotion is over, the whole amount of interest will hit you like a wall of bricks! so please beware!! don't say i didn't warn u.

there are many cards out there that offers 0% interest for 12 months... some of the pretty good ones are discover because they have the attached rewards programs... 1% cashback on regular purchase, 5%-30% cashback on bonus qualifying purchases online... etc... from time to time, u are also offered low transfer rates with 3-5% transaction fee.

the card that anyone should consider if they want to do a transfer is statefarm, statefarm offers a credit card that new customers will receive 0% apr intro rate for 12 months, and no balance transfer fee for any balance that is transferred within the 90 days of opening the account.

a suggestion for any card, NEVER pay minimum.

what u've been doing, paying everything off month to month is GOOD!!! once you charge anything, and u pay if off when u receive the bill, your credit score will be in the higher and close to excellent to perfect range. what usually happens is, when u first use the card, the bill wouldn't come until the following month... and is probably the case if you've not received the bill for your card... u must've used the card during a new billing cycle... of if u've just opened the card...which i think u said u did... it'd be billing u in 1 to 1 and a half month away!

and oh yeah... additional tip... those that love to travel... best card to use to avoid fees - capital one baby!